Most Popular
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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'Culinary Class Wars' producers deny trying to spice up results
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Ex-president's daughter investigated for drunk driving accident
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Seoulites celebrate coexistence at Wellness Seoul 2024
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Netflix, streaming platforms come under fire for loose ratings
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S. Korea, Singapore seal supply chain agreement
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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20 minors registered as CEOs making over 100 million won
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Yoon honors veterans of Korean War in trip to Philippines
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K-pop CEOs sidestep key issues at National Assembly audit
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Number of new firms hits record high in July
The number of newly established firms in South Korea soared to a new high in July as retirees opted to start their own businesses, central bank data showed Thursday.A total of 8,129 companies were established last month, compared with 7,133 in June, according to the Bank of Korea. The July figure is the highest since the central bank began compiling the data in January 1998. “A continued rise in the number of baby boomers opening businesses and an increase in the number of working days last mont
Aug. 21, 2014
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GE wants part in domestic fighter jet development
General Electric Korea on Thursday expressed its willingness to join the South Korean government’s plan to develop a double-engine platform for its next generation of fighter jets. The U.S.-based conglomerate said it could do more good when collaborating with Korean companies in the KFX project, while promoting its rich history and competitiveness in the global aerospace industry.“GE has played a significant role in the development of Korea’s aerospace defense industry by providing jet engines,
Aug. 21, 2014
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Korea’s petrochemical firms vow to boost investment, exports
South Korea’s leading petrochemical firms have agreed to further increase their investment this year as part of efforts to create jobs and boost their exports, the government said Thursday.In a special meeting with Energy Minister Yoon Sang-jick, the companies reported they plan to invest 7.5 trillion won ($7.35 billion) this year, up from about 6.5 trillion won in 2013, according to the Ministry of Trade, Industry and Energy.The meeting, held at a Seoul hotel, was attended by senior officials f
Aug. 21, 2014
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YG Entertainment to sell $60m shares to LVMH-sponsored capital
YG Entertainment Corp., South Korea’s high-brand entertainment agency who has Psy as its client, said Wednesday it will sell new shares worth 61 billion won ($69.7 million) to the investment fund arm of French luxury group LVMH, a move seen as paving the way for expanding its fashion business globally. YG Entertainment said it will issue 1.35 million convertible preferred shares, which are priced at 44,900 won, through a third-party allotment with L Capital Asia, the Asian trading arm of LVMH. T
Aug. 21, 2014
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Number of new firms hits record high in July
The number of newly established firms in South Korea soared to a new high in July as retirees opted to start their own businesses, central bank data showed Thursday.A total of 8,129 companies were established last month, compared with 7,133 in June, according to the Bank of Korea. The July figure is the highest since the central bank began compiling the data in January 1998."A continued rise in the number of baby boomers opening their businesses and an increase in the number of working days last
Aug. 21, 2014
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Sales of Kia's compact Soul jump after pope's visit
Sales of the boxy compact Soul, now dubbed the "popemobile," jumped around the time of Pope Francis' visit to Korea earlier this month after his ride throughout the country in the tiny vehicle was broadcast worldwide, the car's maker Kia Motors Corp. said Thursday.The daily average number of orders received for the second-generation Soul for the nine days since Aug. 11 came to 32.5 units, up 62.5 percent from the previous average of 20 cars for all of July, according to Kia officials. The nine-d
Aug. 21, 2014
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West Tower of Grand Hyatt Incheon opens
WEST TOWER OPENS -- Hanjin Group chairman Cho Yang-ho (fourth from left) attends a ribbon-cutting ceremony to mark the opening of the West Tower of Grand Hyatt Incheon near Incheon International Airport on Wednesday. Korean Air
Aug. 21, 2014
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Lotte Mart opens first supermarket in Jakarta
Lotte Mart, the supermarket unit of South Korean conglomerate Lotte, will open its first small-sized supermarket in Jakarta on Thursday, the company said Wednesday. The opening of the 1,300-square-meter Lotte Mart “Kemang” branch, located on the ground floor of Amaris Hotel, comes six years after the company started running large-scale stores in Indonesia. The store is about 20-30 percent the size of an ordinary Lotte Mart and will display 10,000 items. About two-thirds of these items will be hi
Aug. 20, 2014
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Chinese tourists on track to spend W30tr in 2020
Chinese tourists are expected to spend over 30 trillion won ($29 billion) in the domestic market in 2020, according to industry data. According to a report published by Hana Daetoo Securities, the number of Chinese tourists in South Korea will reach 15 million by 2020 based on an annual average growth rate of 20 percent. They are predicted to spend around 30 trillion won in that year to record a five-fold increase from last year’s 6 trillion won. The 30-trillion-won figure corresponds to around
Aug. 20, 2014
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Yuhan-Kimberly to fund retail business for seniors
Yuhan-Kimberly, a leading consumer goods maker in Korea, said Wednesday it signed a memorandum of understanding with the Social Solidarity Bank and the Korea Labor Force Development Institute for the Aged in an effort to launch a retail business for seniors citizens. “The three companies agreed to launch a senior-friendly retail enterprise in October, in which seniors will comprise more than 70 percent of its entire workforce,’’ a company official said. “The new company will offer consumer goods
Aug. 20, 2014
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Big firms to make early payments to suppliers for Chuseok
South Korea’s leading businesses said Wednesday they will make early payments to their subcontractors for the Chuseok holidays next month. This is not a rare move but is of note this year because of a serious decline in domestic consumption.The country’s top conglomerate, Samsung Group, said it will pay 1.8 trillion won ($1.77 billion) to its suppliers earlier than scheduled, with 18 of its affiliates, including Samsung Electronics and Samsung SDI, joining the move.Chuseok falls on Sept. 8 this
Aug. 20, 2014
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Carriers to track stolen cards with financial firms
KT Corp. and SK Telecom, South Korea’s top two mobile carriers, said Wednesday they will work with a local credit card firm on a new service that provides information on subscribers’ whereabouts to prevent the use of stolen credit cards overseas.The memorandum of understanding signed by the carriers and NH NongHyup Card Co. aims to better handle cases of stolen cards abroad by exchanging data on subscribers’ locations so that the card firm can automatically detect any misuses not approved by the
Aug. 20, 2014
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Tunnel to Jejudo unlikely soon
The South Korean government is mulling over a 16 trillion won ($15.7 billion) project to build an underwater tunnel linking South Jeolla Province to Jejudo Island, the Transport Ministry confirmed on Wednesday, but added it is unlikely the project will be realized in the near future.The Ministry of Land, Infrastructure and Transport is reviewing the plan for a rail link that would connect the mainland and Jejudo Island through an undersea tunnel for high-speed train services after the South Jeol
Aug. 20, 2014
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Big businesses to make early payments to suppliers for Chuseok
South Korea's leading businesses said Wednesday they will make early payments to their subcontractors for the Chuseok holidays next month, not a rare move but more highlighted this year because of a serious sap in domestic consumption.The country's top conglomerate, Samsung Group, said it will pay 1.8 trillion won to its suppliers earlier than scheduled, with 18 of its affiliates, including Samsung Electronics Co. and Samsung SDI Co., joining the move.Chuseok falls on Sept. 8 this year. The thre
Aug. 20, 2014
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Lotte Mart to open supermarket in Indonesia
Lotte Mart, an affiliate of retail giant Lotte, said Wednesday it is opening a supermarket in Indonesia, a move that comes as local retailers step up their overseas expansion amid flagging consumption on their home turf.The company is set to open a 1,300-square-meter supermarket Thursday on the ground floor of a hotel in Kemang, a residential area heavily populated by middle- and upper-class expatriates, Lotte Mart said in a press release.The supermarket, which is smaller than the discount chain
Aug. 20, 2014
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Lotte vice chief to meet Myanmar’s deputy minister
The Myanmarese economic deputy minister is expected to meet with Lotte Group’s vice chairman Lee In-won in early September when he visits here. The two are expected to discuss business opportunities centering on calls from Myanmar to Lotte to invest more in Myanmar’s food and hotel businesses, according to industry sources. Lee Jae-hyuk, chief executive of Lotte Chilsung Beverage, a unit of Lotte Group, will also reportedly accompany the Lotte vice chairman to the meeting. “We believe Myanmar’s
Aug. 19, 2014
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Hotel Shilla JV to enter Macau airport duty-free store
Hotel Shilla CEO Lee Boo-jinA joint venture between Shilla Duty Free and Hong Kong’s Sky Connection has been named the preferred bidder to operate a number of duty-free shops at Macau International Airport, said Hotel Shilla, Samsung Group’s hotel and duty free unit, on Tuesday.The company said the deal is expected to be finalized by September, with the possibility of the venture opening the shops in November. The Macau airport handled about 5 million passengers in 2013 and currently has stores
Aug. 19, 2014
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LS Industrial System fined for price rigging
South Korea’s antitrust watchdog said Tuesday that it has fined 14 electric meter makers and two related cooperatives a combined 11.29 billion won ($11.1 million) for rigging prices and dividing supplies among themselves.The companies include LS Industrial System Co. and PSTEC Co., which were ordered to pay 3.88 billion won and 2.41 billion won in penalties, respectively, according to the Fair Trade Commission. They were accused of colluding to fix prices of electric meters in biddings initiated
Aug. 19, 2014
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Lotte Shopping to sell W602b worth of assets
Lotte Shopping Co., the flagship affiliate of retail conglomerate Lotte, said Tuesday it has signed a deal to sell some of its stores in an effort to boost liquidity.Under the 602 billion won ($591 million) deal signed on Monday, the company will sell two department stores and five discount chain properties across the nation to KB Asset Management, according to a press release.Lotte Shopping, the country’s second-largest retailer, will then lease the sold properties under a 20-year term that rea
Aug. 19, 2014
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Givenchy releases new Pandora Pure bag
French luxury fashion brand Givenchy has released the Pandora Pure bag, the latest model in its ever-popular Pandora series. Inspired by the shape of a carton, the bag touts solid external features and an asymmetric cover. The design was kept to a minimum, with the outside consisting of only a zipper pocket and a metal logo. The bag also comes with an attachable leather strap. The Givenchy Pandora Pure comes in two sizes ― small and medium ― and in a variety of colors. The materials vary from co
Aug. 19, 2014